HENDERSON, Nev. — Solar Integrated Roofing Corp., an integrated, single-source solutions provider of solar power, roofing and EV charging systems, has signed a letter of intent to acquire AVCO Roofing. Financial terms were not disclosed.
Founded in 2007, AVCO specializes in roof and solar repair and replacement services for residential and commercial buildings in North and East Texas, Oklahoma, and Louisiana.
AVCO Roofing generated approximately $21 million in revenue in fiscal year 2022 and approximately $140 million in revenue since owner and CEO Heath Hicks purchased the company in 2016. AVCO currently has three locations with a team of more than 150 team members. AVCO is the recipient of numerous service awards and is listed on Inc. Magazine's Inc. 5000, Top 100 Fastest Growing Companies in Texas, and Top 1,000 Fastest Growing Companies in the USA.
"With over 10,000 projects completed over the last decade, AVCO is among the leading companies in the roofing industry and a highly regarded name in its region," said David Massey, CEO of Solar Integrated Roofing Corp. "Under the leadership of Heath Hicks, AVCO has developed a reputation as a highly regarded contractor that forges deep relationships with its customers and communities. We look forward to working with Heath and his team to generate continued growth under SIRC's roofing division while unlocking additional revenue through cross-selling opportunities."
According to a release, the AVCO letter of intent represents the first of numerous "strategically important letters of intent" that SIRC has announced following recent funding.
"The scale of the opportunity presented by AVCO joining the ever-growing Solar Integrated Roofing Corp. SIRC platform is very exciting," said Hicks. "AVCO brings immediate accretive value to SIRC and has been working closely with SIRC subsidiaries and divisions for years. The quality of our team at AVCO combined with the strong relationships and alignment already in place with the SIRC team allows for strategic national growth and tremendous long-term value creation for all involved, most importantly the SIRC shareholders."